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landlubberToexpand on my original reply to you, I suggest several adjustments to PM’s proposals (and hope they will embrace them). PM does not envisage altering the nature of the banking license an omission that leaves the international banking cartel as the recipient of mostof the nation’s money (even if...

10 hours ago

Graham HodgsonThe Bank of England would extend its model of the economy to include money stocks and payment volumes and run various scenarios as they do at present when testing their interest rate options. As an example of the kind of data that might be suitable, over recent years the volume of payments in the re...


Graham HodgsonConsumer bank deposits, referred to as Transactions Accounts, would be held at the central bank, not the commercial banks. The commercial banks would only handle account administration and payments processing on behalf of the customers....

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Is the Next Global Financial Crisis Upon US?


Financial markets are currently in a frenzy – and a global market crash could be just minutes away. Earlier last week, China allowed its currency to fall in value, prompting its highest one-day decline in over two decades. Today, data shows that China’s factories have contracted at their fastest pace since the most recent financial crisis. Market panic is quickly gaining pace as China’s economy shows clear signs of further deterioration.

adiosspainCredit banks are not legitimate businesses, they are counterfeiters. Won't be replying to any more of your idiotic comments. Stick with the daily mail....

3 days ago

RJRubbish. Banks have expenses, are legitimate and have real competition just like many other businesses. and people like you not seeing this and blaming it all on banks are the real main problem we have today. The UK Govt have all the power RIGHT NOW but choose not to use it. The real danger is they ...

3 days ago

adiosspainWhat just like any legitimate business? Credit bankers are criminal counterfeites. Legitimate businesses don't destroy peoples lives. If you want to defend them then your no better than them. Enjoy the crash!...

4 days ago
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How to bypass the financial markets and ensure money is spent on building homes, roads and energy infrastructure (nef)

It is clear that the current approach to monetary policy – which essentially hasn’t changed for three years – is failing to achieve the economic pick-up that the government and policy makers assumed it would have by now. So experimenting with how QE is used in the future, and thinking strategically, would not be as disastrous a policy as some would have you believe, argues Josh Ryan-Collins, Associate Director of the Economy and Finance team at New Economics Foundation in the article entitled 'Strategic Quantitative Easing – public money for public benefit', 12th August 2015

jamesmurraylawHi RJ,Dunno where austerity comes into it...Continued austerity by Osborne appears to be merely a thinly disguised excuse to drag back the size of the Public Sector - i.e. cutting back spending well beyond that needed to reduce the deficit.Whether it will result in a recession or depression seems to...

4 days ago

RJUnsure what you mean by this. Do you support austerity? Because if austerity goes too much further it will almost certainly result in a recession or depression. A Govt surplus certainly will. This isn't socialism (it could be achieved by tax cuts) but economic reality. The world needs yearly increas...

6 days ago

jamesmurraylawJeremy CHere my is a daft socialist Socialism was tried all over the last century in many places and failed miserably. Great on redistribution of wealth but dreadful in actually creating it. And of course it cannot even begin to be put in place unless the civil rights of individuals are sacrificed....

1 weeks ago
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When Entire Economies are Held Hostage

economies held hostage

The recent dramatic events surrounding the Greek debt crisis had many of us on the edge of our seats as we witnessed history unfolding before our eyes. From the calling of the referendum, to the landslide No vote, to Tsipras’ subsequent capitulation under pressure from the Troika-- for many of us it was as gripping as it was occasionally demoralising (like watching the finals except the outcome actually matters). What I’m sure is lost on most, obscure as the mechanics of the monetary system are, is the crucial role of fractional reserve banking both in precipitating the crisis and in using it to strip the Greek people of their democratic sovereignty.

Graham HodgsonI am sympatheic with that view, although I believe that Corbyn's advisors (Taxpayers' Alliance, not Positive Money) underestimate the inflationary consequences of people's QE runnng alongside the unfettered ability of banks to create money as well....

1 hour ago

Graham HodgsonWell the borrowers get to buy the things that they couldn't have afforded without the loans, so that's got to be a benefit (unless they were conned into borrowing what they couldn't afford to repay). The banks benefit three ways, if they hold the loans to maturity they get all the interest, if they ...

11 hours ago

RJCash (notes and coins) outstanding is currently recorded as Govt debt less any provision for lost notes and coins which is (correctly) transferred into the P+L as revenue.But it's not equity. I suppose it could be included in equity on the ground that it will never be paid back as we will always nee...

17 hours ago
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